GW Pharmaceuticals PLC Director/PDMR Shareholding (1089P)

TIDMGWP

RNS Number : 1089P

GW Pharmaceuticals PLC

15 February 2016

GW Pharmaceuticals PLC Director/PDMR Shareholding

GW Pharmaceuticals PLC ("GW Pharmaceuticals" or the "Company", "GW")

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

Cambridge, UK, 15 February 2016: GW Pharmaceuticals (NASDAQ: GWPH, AIM: GWP) hereby provides notification that the Company has today granted the following awards to Directors over the Company's Ordinary shares ("Shares") in the form of options ("Awards") under the GW Pharmaceuticals plc Long-Term Incentive Plan, which was approved by shareholders on 18 March 2008:

 
 
   Name                 Number of Ordinary     Equivalent number 
                        Shares under           of ADS's under 
                        this Option            this Option 
                        Award                  Award 
-------------------  ---------------------  -------------------- 
 Justin Gover               739,037                61,586 
-------------------  ---------------------  -------------------- 
 Julian Gangolli            668,024                55,669 
-------------------  ---------------------  -------------------- 
 Dr Geoffrey 
  Guy                       631,344                52,612 
-------------------  ---------------------  -------------------- 
 Dr Stephen Wright          288,285                24,024 
-------------------  ---------------------  -------------------- 
 Chris Tovey                254,754                21,229 
-------------------  ---------------------  -------------------- 
 Adam George                234,649                19,554 
-------------------  ---------------------  -------------------- 
 

25% of the Awards are in the form of market-priced options, whereby the options have an exercise price equivalent to the market price at market close on the day prior to grant ($44.64 per ADS, equivalent to 257 pence per Ordinary Share). These options become exercisable on the third anniversary of the date of grant. Future gains upon exercise of these options will be linked to the extent of share price growth over the vesting period. The Remuneration Committee consider that this element of the Awards will help to ensure continuing alignment between executive and shareholders' interests.

50% of the Awards are in the form of Performance stock options, whereby the options will vest upon the third anniversary of the date of grant subject to certain corporate performance conditions having been achieved. In this case, vesting of half of the Performance stock options will occur upon receipt from FDA of their confirmation of acceptance of an Epidiolex NDA filing and half will vest upon FDA grant of Epidiolex regulatory approval. The Remuneration Committee considers these particular milestones to be the most important elements of our agreed strategy and the key value drivers for the business at this time.

25% of the Awards are in the form of Restricted stock options whereby these options are subject to a four year service condition and vesting period. 25% of the options will vest on each anniversary of the date of grant over the next four years. The Remuneration Committee consider that this element of the Awards should help to ensure retention of our team of executive Directors, a key factor for GW's future success.

In general, the Awards may be exercised at any time between the vesting date and the tenth anniversary of the date of grant. Our US based Directors will be required to exercise their Performance stock and Restricted stock options within six months of the vesting date. The exercise price of the Performance stock option and Restricted stock options is 0.1p per Ordinary Share, being the par value of the Shares. Awards which do not vest at the end of the vesting period will lapse permanently.

Following this Award, the total number of Options held by each of the executive Directors is as follows:

 
 
   Name                 Total number       Equivalent number 
                        of Ordinary        of ADS's over 
                        Shares over        which option 
                        which option       awards are now 
                        awards are now     held: 
                        held: 
-------------------  -----------------  -------------------- 
 Justin Gover            1,430,117             119,176 
-------------------  -----------------  -------------------- 
 Julian Gangolli          927,269              77,272 
-------------------  -----------------  -------------------- 
 Dr Geoffrey 
  Guy                    1,392,423             116,035 
-------------------  -----------------  -------------------- 
 Dr Stephen Wright       1,305,733             108,811 
-------------------  -----------------  -------------------- 
 Chris Tovey              743,377              61,948 
-------------------  -----------------  -------------------- 
 Adam George              813,818              67,818 
-------------------  -----------------  -------------------- 
 

For further information, please contact:

   GW Pharmaceuticals PLC                                                   [phone] 

Adam George, Company Secretary

Peel Hunt LLP (Nominated Adviser)

   James Steel/Oliver Jackson                                              [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 15, 2016 09:39 ET (14:39 GMT)